credit card debt I need help

What is the name of your state? Missouri

I need some advise. I have about 40,000 usd ran up on my credit cards and have another 10,000 in loans for the school I have just entered this summer. I'm way over my head and have thought about filing for BK. I would appreicate if someone could help me or give me some ideas on what I should do. I own my own car and thats about it. I have a house but I do not own it. I have no assetts except my car. I have tried to make it in the business world and have started 2 different business which both have failed but I'm still trying to make a go at the second one but still does not look good. My bills are way to much for me and I currently do not have anything that is coming in. I have been using the Credit Cards to live on while I have tried to make my business. If anyone has any suggestions I would greatly appreiciate the help. I do not know anything about BK. Thank you

[Ladynred]

You can have the credit card debt discharged (wiped out), but the student loans are NOT dischargable in a Chapter 7 bankruptcy. Since you have few assets, there's nothing much you can lose with a Chapter 7. The value of your car *could* be an issue if its paid off, depends on the exemptions in your state. If its above the exemption level the Trustee could take it and sell it.

So..what's the value of your car ? Other personal property can probably be exempted, so you won't lose anything there, since you say you have little anyway.

Here's a site with good bankruptcy information. This link goes directly to the state exemptions page, so have a look at MO,, then look at the rest of the info and get a feel for what you're looking at.

[url]http://www.thebankruptcysite.com/what_do_i_keep.htm[/url]

I have an old car 96 model that has been wrecked twice and have been totaled out by the insurance company where I have put some money back into it to get it fixed. I also have a few CDs with my name on these but these are not mine they total about 5,000 but are not mine. I do not have access to them they are my fathers. What could they do about that? Like I said this money is not mine and I have never touched it. I just need to get away from the CC's and start over. Thank you for your advise.

[Ladynred]

Your name is on the CD's but they're your fathers ??

I'm not sure, but they could be viewed as your assets, it would depend, I think, on why your name is on them. I might be advisable for you father to take your name OFF the CD's before you file, but maybe a Sr. Member knows the answer.

Sounds like the car would be exempted, no problem, so you shouldn't have much of a problem filing for Chapter 7.

1) Throw away major credit cards.
2) Take a job as a bus boy or at McDonalds for a while.
3) Take your name off car title and let somebody's name on for a while (so cc will not touch your car).
4) File a Bankruptcy.
5) Work off your remaining student loans.
6) It should take you about 7 years to wipe off your debts. By 7 years is over, you will be fresh with new life.

Good Luck, Combat

email me I can help.

[Ladynred]

Mhansen644 is trying to SELL you a SCAM, pure and simple.. ignore him.

Your student loans cannot be discharged, so you're going to end up paying them anyway.

The cc companies are not going to care about your car, its not worth siezing and would probalby be exempt from siezure according to your state's judgment exemption laws anyway.

I still think the CD's could be a problem with your name on them.

One thing a bankruptcy attorney will tell you is to stop using all credit cards. Once you haven't used cards for 90 days, then they would file.

As to Combat's comment about working youf butt off at McDonald's for 7 years to be debt free... well.. if you file
for bankruptcy you can be debt free (except for the student loans) in 4-6 months !